I was thinking about these lyrics from a classic song: “What the world needs now is love, sweet love – no, not just for some but for everyone.” If you replaced the word “love” with “control” you would likely describe how most Americans – probably most humans, actually – feel right now: we want to be in control again.
In control of movement.
In control of our health.
In control of how we earn a living.
In control of going to restaurants.
In control of attending sporting events, concerts and movies.
In control of our hair.
In control of greeting each other.
In control of sharing our smile.
In control of hugging and being with loved ones…
And when that full sense of control returns – whenever that might be – it will affect your members. What they are willing to do today, because they have to, will change when the power has shifted, and they once again have control over how they experience you.
The abrupt change in behaviors forced by the COVID-19 pandemic has set financial institutions on a new trajectory, one that is going to continue to drive changes in how consumers transact their business. It is imperative that their behaviors be evaluated and understood, from a data analytics standpoint, in and through the current operating environment. Though much is uncertain these days, there is ONE thing of which you can be absolutely certain – the effects of your members’ experiences WILL outlast this pandemic.
So think about it for a moment. Just what have those experiences been? Have they been stuck on hold trying to reach the call center during a busy time of day? Has a member representative explained how they can deposit a check electronically? Have they been confused by how to use their iPhone to transfer money between accounts? Have they had a conversation via Chat about setting up automatic billpay?
Many of your members are experiencing these channels for the first time. You can bet they are feeling some anxiety from both the novelty of the experience (“How does this app work?”) and the circumstances that necessitated the change of behavior in the first place. If the digital channels your members are using are not the best in performance, the human support better be! But how do you know what kind of performance, both digital and human, your members are experiencing? Are you getting reliable feedback intel from your data analytics? Or is it all too overwhelming to know where to begin?
If you’re looking for “simple” amidst the complexities that are abounding – here is a Three-Step Strategy to ensure that changes in the default channels your members use today become their preferred channels when their sense of control returns:
- CAPTURE member feedback from the channels to which your members are currently redirected – online, mobile, contact center, drive thru.
- MEASURE the level of friction your members encounter in these channels and the quality of the human support they are getting when they need it most.
- PINPOINT “hotspots” that are clearly working against your objective of establishing a digital channel preference that will persist when the crisis is over.
Typically, I would give you a fourth step: ACT. But these are not typical times. Some of you will be able to act immediately and effectively to remove the friction in the channels and/or improve the human support for those channels. Frankly, some of you cannot. For those who cannot, you will at least have the data analytics feedback to know what you need to fix later.
With the disruption to regular business operations – and, well, life – it is understandable that tension is high and you have to prioritize the tasks that get your attention. Be true to your mission of “People Helping People” and keep your focus on your members. Then, when your members have control over their financial services options again, they will still choose you. That is lasting loyalty. That is “love, sweet love.”
